Summary of ORIC Pharmaceuticals Conference Call Company Overview - ORIC Pharmaceuticals is a clinical-stage oncology company focused on overcoming resistance in cancer, particularly in prostate, lung, and breast cancer [2][3] Key Programs - **ORIC-944**: An allosteric PRC2 inhibitor for prostate cancer, expected to start a Phase III study in the first half of 2026 [2][7] - **Enozertinib (ORIC-114)**: A selective brain-penetrant EGFR inhibitor targeting exon 20 and PACC mutations, with updates expected in the second half of 2026 [3][34] Competitive Landscape - Pfizer's **Mevrometostat** showed a PFS of 14.3 months in prostate cancer, which ORIC aims to match or exceed with their own data [5][6] - ORIC's early data showed a PSA 50 response of 40% compared to Pfizer's 34%, indicating a potentially better efficacy profile [6][10] Safety and Efficacy - ORIC believes that safety is a significant differentiator in prostate cancer treatments, with their program showing fewer adverse events compared to Pfizer's [10][13] - The company does not believe it needs to be differentiated in efficacy due to the large market and unmet needs in prostate cancer [11][12] Market Opportunity - The metastatic CRPC market is estimated to have 30,000-40,000 patients annually in the US, with a significant portion having prior exposure to AR inhibitors [25][26] - The potential market opportunity for ORIC's treatments in the post-abi setting is estimated at $3.5 billion [28] Financial Position - ORIC raised $244 million in mid-2025, providing a cash runway into the second half of 2028, which covers the costs of the first Phase III study [24][46] - The company is well-capitalized and does not require a corporate partner to initiate the first Phase III study [22][23] Future Plans - An update on dose optimization data for ORIC-944 is expected in Q1 2026, with a focus on PSA responses and safety [15][17] - ORIC plans to evaluate which AR inhibitor (apalutamide or darolutamide) to use in the Phase III study based on data from the Q1 update [19][20] Enozertinib Development - ORIC plans to continue investing in enozertinib, with a focus on CNS activity, which is a significant unmet need in lung cancer [35][36] - The company aims to differentiate itself in the EGFR market, which is competitive and requires best-in-class inhibitors [39][40] Conclusion - ORIC Pharmaceuticals is positioned to capitalize on significant market opportunities in oncology, with a strong focus on safety and efficacy in its drug development programs. The company is financially stable and prepared to advance its clinical trials without immediate need for external partnerships.

Earnings Call 4Q25 & FY25 Guia de cores This presentation was prepared by Ambev S.A. ("Ambev" or "Company") for the exclusive use in the earnings conference call of the fourth quarter and full year of 2025 (4Q25 and FY25). This presentation should not be considered as a complete document and should be analyzed together with the Company's financial statements (DFP) for the year and the respective press release, both available on the U.S. Securities and Exchange Commission – SEC and the CVM websites. This pre ...

Financial Data and Key Metrics Changes - The company reported consolidated revenue of $20.3 million for Q3 fiscal 2026, with total revenues for the nine months reaching over $58 million [4][13] - Adjusted EBITDA for Q3 was $2.6 million, contributing to a positive consolidated adjusted EBITDA of $1.6 million for the second quarter [13] - The company posted a net loss of $4.1 million or 37 cents per diluted share for Q3 [13] Business Line Data and Key Metrics Changes - The audio division generated $18.6 million in revenue for Q3 and $52.2 million for the nine-month period, with an Adjusted EBITDA of $2.6 million for Q3 [5][13] - PodcastOne subsidiary achieved record revenue of $15.9 million and adjusted EBITDA of $2.8 million [13][14] - Slacker subsidiary reported Q3 revenue of $2.8 million with an adjusted EBITDA of negative $0.1 million [13] Market Data and Key Metrics Changes - The company has over $125 million in net operating loss carryforwards, which represent significant long-term shareholder value and tax efficiencies [5][6] - Industry valuation dynamics are improving, with the company trading at 60% of revenues compared to the industry average of over 3x revenues [6] Company Strategy and Development Direction - The company is focused on expanding partnerships with major players like Amazon, Apple, and Tesla, aiming to launch three significant Fortune 500 partnerships [7][9] - A strategy is in place to convert over 1 million free and ad-supported subscribers into paid tiers, representing potential incremental revenue [7] - The company is also expanding its original IP, having sold its fourth television series to a major streaming platform [8] Management's Comments on Operating Environment and Future Outlook - Management highlighted that the company has emerged leaner and more disciplined after navigating various challenges, positioning itself for the next growth cycle [4][5] - The preliminary fiscal guidance for the upcoming year is set at $85 million to $95 million in revenues and $8 million to $10 million in Adjusted EBITDA [5][40] - Management expressed confidence in the company's undervaluation and the potential for significant growth driven by B2B partnerships and AI initiatives [11][12] Other Important Information - The company has streamlined its workforce from 350 to 88 members, resulting in a reduction of operating expenses by over 52% year-over-year [4] - The company is actively exploring M&A opportunities as the market stabilizes and valuations normalize [7][11] Q&A Session Summary Question: On the B2B business, can you elaborate on customization and options for customers? - Management stated that the company is uniquely positioned in the B2B space, leveraging AI for customization and offering competitive pricing [17][20] Question: What is the competitive landscape for content provision? - Management indicated that while some competition exists, the company's unique service offerings and flexibility provide a competitive advantage [29][31] Question: What is the potential for advertising revenue from Slacker's non-subscription customers? - Management noted that they are actively increasing advertising offerings and expect to convert free subscribers into paid subscriptions over time [24][26] Question: When will the 10-Qs be released? - The CFO confirmed that the 10-Qs for both LiveOne and PodcastOne would be released the following day [47] Question: How sustainable are current cost levels? - The CFO indicated that G&A and sales and marketing costs are expected to decrease further in the upcoming quarters [49][50] Question: What is the timing for revenue from the 30 million subscriber deal? - Management mentioned that revenue from this deal is expected to ramp up in the following year, with some initial revenue potentially coming in this quarter [61][63]

Innovative Aerosystems (NasdaqGS:ISSC) Q1 2026 Earnings call February 12, 2026 10:00 AM ET Company ParticipantsJeff DiGiovanni - CFOJosh Sullivan - Managing DirectorPaul Bartolai - PartnerShahram Askarpour - CEOConference Call ParticipantsBobby Brooks - VP and Senior Equity Research AnalystDanny Eggerichs - Equity Research AnalystOperatorGood day, and welcome to the Innovative Aerosystems first quarter fiscal 2026 financial results conference call. All participants will be in listen-only mode. Should you ne ...

Financial Data and Key Metrics Changes - The company reported GAAP net income of $68.3 million and AFFO of $99.7 million for Q4 2025 [3][4] - AFFO per share totaled $0.49, representing a 9% increase compared to Q4 2024 [14] - The company increased its 2026 AFFO per share guidance range to $1.99-$2.04, implying a growth rate of about 7% at the midpoint and 8% at the high end [6][17] Business Line Data and Key Metrics Changes - The company executed a differentiated investment strategy, sourcing 85% of $296 million in investments through existing relationships [5] - Same-store rent growth was 1.6%, with strong rent coverage of 3.6 times [6][8] - The portfolio ended the quarter with investments in 2,300 properties leased to over 400 tenants, maintaining a weighted average lease term of approximately 14 years [7] Market Data and Key Metrics Changes - The company noted a stabilization in competition, which is expected to lead to a slower decrease in cap rates than previously anticipated [24][32] - The average initial cash yield for investments was 7.7%, with a compelling GAAP yield of 9.1% [6][11] Company Strategy and Development Direction - The company aims to maintain a dominant position as a real estate capital provider to middle-market operators [4] - The focus remains on optimizing cost of capital and delivering shareholder value, with a commitment to a well-capitalized balance sheet [14][17] - The company plans to continue its investment strategy without significant changes, emphasizing relationships with existing operators [32][82] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the health of the portfolio, citing better-than-expected credit trends and a strong investment pipeline [21][22] - The company anticipates modest cap rate compression in the latter half of 2026, driven by market conditions [44][45] - Management remains cautious about the macroeconomic environment but believes the current strategy will support growth [82][84] Other Important Information - The company sold 19 properties for $48.1 million in net proceeds at a 6.9% weighted average cash yield during Q4 [9] - Tenant concentration continues to decline, with the top 10 tenants comprising only 16.5% of ABR [10] Q&A Session Summary Question: Changes in guidance range - The CFO explained that the guidance was adjusted due to better-than-expected portfolio credit trends and same-store rent growth [21][22] Question: Impact of competition stabilization - Management clarified that stabilization in competition does not imply a shift to a safer tenant base but indicates a slower decrease in cap rates [24][25] Question: Acquisition trends and drivers - Management noted that the strong start to the year in acquisitions was partly due to deal slippage from Q4 and emphasized the need for caution in interpreting early trends [30][31] Question: Portfolio credit events - Management confirmed that the only notable credit event was with American Signature, which is expected to recover within normal ranges [36][37] Question: Dividend growth expectations - The CFO indicated that while dividends are important, the decision on future increases will be made by the board, balancing current returns and retained capital [39][40] Question: Cap rate stabilization across industries - Management confirmed that cap rate stabilization is observed across all industries they invest in, with no significant deviations [32][33] Question: Future investment pipeline - Management expressed confidence in the investment pipeline, indicating that the opportunity set is not a constraint for future growth [96][97]

Financial Data and Key Metrics Changes - The company reported a 4.3% growth in same-store cash NOI and a 6.3% increase in core FFO per share for 2025 [5][11] - Core FFO per share was $0.66 for Q4 and $2.55 for the year, reflecting a 6.3% increase compared to 2024 [11] - The company incurred a cash credit loss of 22 basis points in 2025, with a retention rate of 75.8% for the quarter and 77.2% for the year [12] Business Line Data and Key Metrics Changes - In Q4, the company commenced 31 leases totaling 3 million sq ft, generating cash and straight-line leasing spreads of 16.3% and 27.4%, respectively [11] - The company achieved cash and straight-line leasing spreads of 24% and 38.2% for the year [12] - The acquisition volume for Q4 totaled $285.9 million, consisting of 7 buildings with cash and straight-line cap rates of 6.4% and 7%, respectively [7][8] Market Data and Key Metrics Changes - The company expects national vacancy rates to peak in the first half of 2026, with an inflection point in the back half of the year [6] - The company anticipates 180 million sq ft of deliveries in 2026, significantly lower than the 225 million sq ft expected in 2025 [100] - The Midwest markets, particularly Minneapolis, Chicago, and Indianapolis, are showing strong demand, while Southeast port markets like Jacksonville and Savannah are experiencing weakness [68][70] Company Strategy and Development Direction - The company plans to initiate a core FFO per share range between $2.60 and $2.64 for 2026, with same-store cash NOI growth expected between 2.75% and 3.25% [14] - The company raised its dividend by 4%, the largest increase since 2014, and modified the payment cadence from monthly to quarterly [10] - The company is focusing on maintaining high occupancy levels and is optimistic about leasing activity in 2026, driven by a record amount of square footage expiring [7][21] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about economic growth and increased tenant activity, expecting net absorption to improve in 2026 [6][21] - The company is not concerned about new supply coming online, as it believes developers are prudent and that any new developments will take time to materialize [33] - Management noted that the demand from tenants is real, with a broad base of interest from various sectors, including data centers [29][31] Other Important Information - The company has a strong acquisition pipeline valued at $3.6 billion, with expectations for acquisition volume in 2026 to range between $350 million and $650 million [14][22] - The company is budgeting for 957,000 sq ft of leasing in 2026, with a significant portion expected to come from build-to-suit projects [63] Q&A Session Summary Question: Inquiry about leasing environment and occupancy guidance - Management acknowledged the potential for upside in leasing activity if the current momentum continues, despite budgeting for a 9-12 month lease-up period for assets [18][20] Question: Discussion on acquisition visibility and timing - Management indicated that while the first quarter is typically slower, they are underwriting more transactions than in the previous year, with a strong pipeline [22][23] Question: Clarification on tenant activity and demand - Management confirmed that the current tenant activity reflects real demand, with a broad base of interest from various sectors, including data centers [28][29] Question: Concerns about potential overbuilding - Management expressed confidence that new supply will be introduced prudently and not until late 2027, alleviating concerns about overbuilding [33] Question: Update on market performance and rent growth - Management noted that while some markets are performing well, overall rent growth is expected to be modest, with stronger markets seeing 2-3% growth [71][75]

Financial Data and Key Metrics Changes - Q4 revenue reached $2.17 billion, up 15% year-over-year, while full-year revenue increased by 11% [5] - EBITDA for Q4 was $653 million, a 29% increase, and full-year EBITDA was $2.42 billion, up 26% [5][10] - Operating income for Q4 was $580 million, reflecting a 34% increase, with earnings per share (EPS) of $1.05, a 42% rise for the quarter and a 40% increase for the year [5][6] - Free cash flow for the year was a record $1.43 billion, with a conversion rate of 93% of net income [5][11] Business Line Data and Key Metrics Changes - Commercial aerospace revenue grew 13% in Q4 and 12% for the full year, driven by demand for engine spares and a record backlog for new aircraft [7][8] - Defense aerospace revenue increased by 20% in Q4 and 21% for the full year, with engine spares up 32% [7][8] - Commercial transportation revenue was up 4% in Q4 but down 5% for the full year, impacted by higher aluminum costs [8] - Gas turbine revenue surged 32% in Q4 and 25% for the full year, driven by demand for electricity generation [9] Market Data and Key Metrics Changes - The commercial aerospace market is experiencing robust growth, particularly in Asia Pacific and North America, with a record OEM backlog [23] - The defense market remains strong, particularly for the F-35 program, with increasing demand for spares [25] - The gas turbine market is entering a significant growth phase, with expectations of doubling revenue from approximately $1 billion to $2 billion over the next 3-5 years [26] Company Strategy and Development Direction - The company is focused on investing for growth, with a capital expenditure of $453 million in 2025, primarily in the engines business [11][13] - Recent acquisitions, including CAM and Brunner, are aimed at enhancing product offerings and entering new markets [30][87] - The company aims to maintain a strong balance sheet while deploying capital for growth opportunities and returning value to shareholders through buybacks and dividends [75] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of commercial aerospace and defense markets, citing a strong backlog and increasing demand for new aircraft builds [23][24] - The gas turbine market is expected to see significant growth due to rising electricity demand, particularly from data centers [26] - The company anticipates that 2026 will show continued growth, with revenue guidance of $9.1 billion and EBITDA of $2.76 billion [29] Other Important Information - The company redeemed all outstanding shares of preferred stock for $55 million, simplifying its capital structure [12] - The company completed the annuitization of the U.K. pension plan, reducing gross pension obligations by $128 million [21] Q&A Session Summary Question: Future growth expectations for engine products - Management sees robust growth in commercial aerospace, defense, and gas turbines, with significant investments planned to support this growth [35][39] Question: Margin sustainability and factors affecting it - Management indicated that while margins are currently high, predicting future margins is challenging due to various factors, including new hires and capital investments [46][49] Question: Capital deployment strategy regarding M&A and buybacks - Management stated that they can pursue both M&A and share buybacks simultaneously, with a disciplined approach to capital allocation [72][75] Question: Potential for gas turbine revenue to exceed commercial jet engine revenue - Management does not foresee gas turbine revenue surpassing commercial jet engine revenue but acknowledges significant growth in both sectors [80] Question: Insights on recent acquisitions and market opportunities - The CAM acquisition expands the company's capabilities in fittings and couplings, while the Brunner acquisition enhances its product offerings in the fasteners market [87][90]

Sphere Entertainment (NYSE:SPHR) Q4 2025 Earnings call February 12, 2026 10:00 AM ET Company ParticipantsAri Danes - VP of Investor RelationsDavid Karnovsky - Managing DirectorJames Dolan - Executive Chairman and CEOJennifer Koester - resident of Sphere Business OperationsRobert Langer - EVP, CFO, and TreasurerRyan Sigdahl - Managing DirectorConference Call ParticipantsBrandon Ross - Partner and AnalystDavid Joyce - Equity Research AnalystJoe Stauff - AnalystLogan Angress - Equity Research AnalystPeter Hend ...

Financial Data and Key Metrics Changes - Fourth quarter revenue increased by 17% year-over-year and 9% sequentially, driven by stabilization in industrial demand and growth in medical and advanced applications [5][10] - Full-year revenue grew by 3%, marking the first full-year revenue growth since 2021 [6] - GAAP gross margin was 36.1%, while adjusted gross margin was 37.6%, impacted by planned inventory management and tariffs [21][22] - GAAP net income was $13 million or $0.31 per diluted share, with adjusted net income at $20 million, resulting in earnings per diluted share of $0.46 [23] Business Line Data and Key Metrics Changes - Materials processing revenue increased by 17% year-over-year, with stable demand in welding and increased demand in battery and additive manufacturing applications [5][18] - Medical sales grew by 21% year-over-year, driven by new product traction and a major customer win [8][9] - Revenue from applications outside of materials processing increased by 15%, with significant growth in medical and advanced applications [18] Market Data and Key Metrics Changes - North America sales increased by 21% sequentially and 23% year-over-year, driven by higher revenue in cutting, cleaning, medical, and advanced applications [19] - Europe sales increased by 8% sequentially and 7% year-over-year, with strong growth in additive manufacturing and cleaning [19] - Asia revenue improved by 5% sequentially and 19% year-over-year, primarily due to higher welding sales in China [20] Company Strategy and Development Direction - The company is focusing on strengthening its position in core industrial applications while penetrating new non-industrial markets [12] - Growth initiatives in medical, micromachining, and defense are key investment priorities, with expectations for continued momentum into 2026 [11][12] - The company aims to expand its addressable market by integrating laser technology with applications expertise to address complex customer challenges [13] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding improving market conditions and customer demand, despite ongoing macroeconomic uncertainties [10][11] - Strong bookings in Q4 resulted in a book-to-bill ratio above one, indicating positive demand trends [10][26] - The company plans to maintain a balanced capital allocation strategy, investing in growth while returning capital to shareholders [25] Other Important Information - The company received FDA clearance for a next-generation urology system, enhancing its medical product offerings [9] - The cleanLASER acquisition has generated revenue synergies and contributed to growth in the cleaning segment [14][15] - The company has authorized a new $100 million share repurchase program to continue returning capital to shareholders [25] Q&A Session Summary Question: Thoughts on cutting revenue stability and long-term growth targets - Management noted that cutting revenue has stabilized and is expected to grow alongside investments in core markets [32][33] Question: Update on Directed Energy investment and market interest - Management reported strong customer interest in the Crossbow system for military and civilian applications, with plans for future product enhancements [37][38] Question: Margin improvement and revenue levels for fixed cost absorption - Management indicated that revenue levels above $270 million would help improve gross margins, with ongoing cost reduction initiatives in place [40][41] Question: Plans for investment in Directed Energy applications - Management confirmed a roadmap for increasing power levels in Directed Energy products, targeting smaller class drones [45] Question: Expectations for new medical products in 2026 - Management anticipates significant growth in medical sales, with new product launches planned for 2026 [46][47] Question: Competitive environment updates, especially in Asia - Management stated that pricing pressures are minimal in differentiated markets, with strong demand in battery and advanced applications [62] Question: Variability in bookings by region - Management reported broad-based order activity, with North America and Asia showing strong performance, while Europe is improving [68]

Hyatt Hotels (NYSE:H) Q4 2025 Earnings call February 12, 2026 10:00 AM ET Company ParticipantsAdam Rohman - SVP of Investor Relations and Global FP&AJoan Bottarini - CFOMark Hoplamazian - President and CEOConference Call ParticipantsBenjamin Chaiken - Managing Director and Senior Equity AnalystBrandt Montour - Senior Equity Research AnalystDaniel Politzer - Executive Director and Senior Equity Research AnalystElizabeth Dove - Equity Research AnalystRichard Clarke - Senior AnalystShaun Kelley - Managing Dire ...